The drawback there is FV would be left vulnerable to a significant pullback by biotech stocks.

“The attractive part of the Focus Five is a concentrated portfolio of the best performing sectors of an up market, which should deliver better than benchmark results during bullish cycles. The negative is what might happen to a concentrated sector portfolio in a bear market. Actually, we saw a preview of this during the first month Focus Five traded. The ETF lost about 13% of its value compared to the S&P 500 index loss of about 3%, thanks to its high exposure to biotechnology,” according to Morningstar.

Still, it is impossible to refute FV’s success. In fact, the fund has been so successful that First Trust followed it up with an international equivalent, the First Trust Dorsey Wright International Focus 5 ETF (NasdaqGM: IFV). IFV has needed just 11 months to amass $856 million in assets under management.

First Trust Dorsey Wright Focus 5 ETF